On the average trading day, a few stocks move rapidly higher and a few stocks bomb, but most of them move within a tight range. Today is your average day on Wall Street, and that holds true for the Dow Jones Industrial Average (DJINDICES:^DJI). Only five of the Dow's 30 components have had their price change by more than 1% thus far today. Three of the index's big losers are Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), and Verizon (NYSE:VZ).
Back to the Dow losers
Shares in both of the Dow's banking stocks are trading lower this afternoon: Bank of America is down 1.6%, while JPMorgan is off by 0.6%. JPMorgan will release results on Wednesday, and Bank of America follows on Thursday. Investors are likely becoming skittish on both stocks following their wonderful returns during 2012 and the unfavorable banking results Wells Fargo (NYSE:WFC) reported last week. The most important number for both JPMorgan and B of A is the net interest margin, which shrank at Wells Fargo.
Shares of Verizon are down 1.1% after the company was downgraded from "buy" to "neutral" at UBS. The analyst's price target is now $44 per share. The change in rating was due to lower-than-expected profitability by the wireless-service provider.
Shares of Sprint (NYSE:S) and AT&T (NYSE:T) are down 4.2% and 0.5%, respectively. Sprint was also downgraded from "buy" to "neutral" by UBS, while an analyst at JPMorgan likewise changed Sprint's rating from "overweight" to "neutral." Both banks have placed a $6 price target on Sprint.